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Investment Profile Vanguard® Vanguard® Windsor™ Fund Product Summary Vanguard Style View : Large Value Large- and mid-cap value equity. Portfolio emphasizing large- and mid-capitalization value stocks. Seeks long-term capital appreciation and growth of income. Investment style Value Blend Growth Diversified, multimanager structure. Fundamental research approach. Large Opportunistic, contrarian stock selection style. Mid Small Market capitalization Central tendency Expected range of fund holdings Quarterly Commentary People and Process The human toll of COVID-19 further mounted during the second Vanguard Windsor Fund seeks long-term capital appreciation and quarter of 2021 amid fresh outbreaks of the virus and new income by investing in mid- and large-capitalization value stocks, variants. The global economy nevertheless continued to rebound using a multimanager structure that provides diversification and sharply if unevenly. Countries that have better succeeded in mitigates risk. The fund’s two investment advisors employ containing the virus—whether through vaccinations, lockdowns, or intensive fundamental research and strict valuation disciplines to both—tended to fare the best. With the reopening of economies construct portfolios of undervalued and out-of-favor stocks. The and pent-up demand boosting corporate profits, global stocks combination of two distinctly different approaches to valuation, finished the quarter significantly higher. U.S. stocks outperformed stock selection, and portfolio construction enhances diversification other developed markets as a whole as well as emerging markets. while maintaining the fund’s value character. In addition, Vanguard may invest the fund’s cash flows in equity index futures and/or For the quarter, U.S. stocks returned 8.24%, as measured by the exchange-traded funds to manage liquidity needs while ensuring Russell 3000 Index. With large-capitalization stocks leading the that the fund remains fully invested. way, the Russell 1000 Index (+8.54%) outpaced the Russell 2000 Index (+4.29%). Although value stocks outperformed growth stocks over the first quarter of 2021, that pattern reversed over Wellington Management Company LLP the second quarter, with the Russell 3000 Growth Index (+11.38%) more than doubling the return of the Russell 3000 Value Wellington Management buys shares of high-quality companies Index (+5.16%). currently out of favor with investors. The contrarian nature of the investment process is augmented by intense fundamental analysis Against this backdrop, Vanguard Windsor Fund outperformed its by the management team, supported by Wellington’s deep benchmark, the Russell 1000 Value Index (+5.21%), for the industry research capabilities. Wellington’s bottom-up approach quarter. typically produces significant sector and security concentrations relative to the benchmark. The subportfolio’s ten largest holdings Performance was driven mainly by favorable stock selection in typically represent about 40% of Wellington’s portion of the fund. consumer discretionary, industrials, and health care. Financial firm Athene Holding (+34%) was among the top contributors. Among the largest detractors was an overweight allocation to Cognizant Firm Description Technology Solutions (–11%). Founded in 1928, Wellington Management Company LLP, Boston, For the 12 months ended June 30, the fund outperformed its Massachusetts, is among the nation’s oldest and most respected benchmark (+43.68%). institutional investment managers. The firm has advised Vanguard Favorable stock selection drove relative returns for the 12 months, Windsor Fund since 1958. led by strong selection in financials and consumer discretionary. Financial services company Charles Schwab (+119%) was among the top contributors. Sector positioning also added to results, with an overweight allocation to financials and an underweight allocation to consumer staples boosting returns most. Note: Company returns may differ if a security was held in the portfolio for less than the full period. As of June 30, 2021 Vanguard Windsor™ Fund Investment Manager Biographies Firm Description David W. Palmer, CFA, Senior Managing Director. Portfolio manager. Advised the fund since 2018. Worked in investment Founded in 1995, Pzena Investment Management, New York, New management since 1993. B.A., Stanford University. M.B.A., The York, is a global investment management firm that employs a Wharton School of the University of Pennsylvania. classic value investment approach. The firm has advised Vanguard Windsor Fund since 2012. Pzena Investment Management, LLC Investment Manager Biographies Pzena seeks to buy good businesses at low prices, focusing exclusively on companies that are underperforming their Richard S. Pzena, Founder, Chief Executive Officer, and Co-Chief historically demonstrated earnings power. Pzena’s research team Investment Officer. Portfolio manager. Advised the fund since conducts intensive fundamental research, buying companies only 2012. Worked in investment management since 1984. B.S. and when the problems are judged to be temporary, management has M.B.A., The Wharton School at the University of Pennsylvania. a viable strategy to generate earnings recovery, and there is Benjamin S. Silver, CFA, CPA. Portfolio manager. Advised the fund meaningful downside protection in case earnings do not recover. since 2015. Worked in investment management since 1988. B.S., Yeshiva University. John J. Flynn, Principal. Portfolio manager. Advised the fund since 2017. Worked in investment management since 2000. B.A.,Yale University. M.B.A., Harvard Business School. Investment Advisors Fund Assets Managed % $ Million Wellington Management Company LLP 69 16,414 Pzena Investment Management, LLC 30 7,105 Cash investments 1 256 Total 100 23,775 Total Returns Expense Year Ratio Quarter to Date 1 Year 3 Years 5 Years 10 Years Windsor Fund Investor Shares (10/23/1958) 0.29% 6.16% 19.60% 51.91% 13.78% 14.61% 12.40% Admiral Shares (11/12/2001) 0.19 6.21 19.69 52.08 13.90 14.72 12.52 Russell 1000 Value Index — 5.21 17.05 43.68 12.42 11.87 11.61 Multi-Cap Value Funds Average — 5.60 18.80 46.62 10.66 11.60 10.14 The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses. Note: Average fund returns are derived from data provided by Lipper, a Thomson Reuters Company. Admiral class shareholders are required to maintain specific minimum balances and meet other special criteria. As of June 30, 2021 Vanguard Windsor™ Fund Quarterly Returns: Investor Shares Year-End Russell 1000 Value Assets Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Windsor Index (Millions) 2021 12.65% 6.16% — — — — $6,043 2020 -28.13 17.69 3.23% 23.04% 7.44% 2.80% 5,355 2019 11.78 3.49 1.87 10.63 30.38 26.54 4,805 2018 -0.51 0.09 3.50 -15.06 -12.46 -8.27 4,100 2017 5.80 2.80 3.79 5.51 19.10 13.66 5,230 2016 -2.04 1.44 6.20 6.59 12.49 17.34 5,089 2015 1.54 1.10 -9.94 4.56 -3.32 -3.83 5,156 2014 3.49 5.25 -1.68 4.42 11.82 13.45 5,956 2013 11.79 5.00 5.84 9.54 36.08 32.53 7,226 2012 14.49 -4.72 6.38 4.09 20.78 17.51 6,638 2011 6.29 -2.07 -17.68 12.04 -4.00 0.39 6,521 Quarterly Returns: Admiral Shares Year-End Russell 1000 Value Assets Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Windsor Index (Millions) 2021 12.69% 6.21% — — — — $17,732 2020 -28.12 17.72 3.24% 23.07% 7.52% 2.80% 15,187 2019 11.77 3.56 1.91 10.65 30.52 26.54 15,392 2018 -0.49 0.12 3.51 -15.02 -12.36 -8.27 12,716 2017 5.79 2.84 3.83 5.52 19.20 13.66 14,956 2016 -2.01 1.50 6.23 6.60 12.64 17.34 12,500 2015 1.59 1.12 -9.94 4.59 -3.24 -3.83 11,864 2014 3.50 5.25 -1.64 4.44 11.91 13.45 12,482 2013 11.82 5.04 5.86 9.57 36.23 32.53 9,774 2012 14.56 -4.71 6.38 4.14 20.94 17.51 6,125 2011 6.32 -2.05 -17.67 12.03 -3.95 0.39 4,969 As of June 30, 2021 Vanguard Windsor™ Fund Fund Facts Volatility Measures Investor Admiral R-Squared Beta Shares Shares Russell 1000 Value Index 0.97 1.10 Fund Number 0022 5022 DJ US Total Stock Mkt Float Adj Idx 0.91 1.10 Ticker VWNDX VWNEX R-squared and beta are calculated from trailing 36-month fund returns Newspaper Listing Wndsr WndsrAdml relative to the associated benchmark. CUSIP Number 922018106 922018403 Assets (millions) $6,043 $17,732 (Total $23,775) Top 10 Largest Holdings Inception 10/23/1958 11/12/2001 Expense Ratio (as of 2/2021) 0.29% 0.19% % of Total Net Assets Bank of America Corp. 2.9% Westinghouse Air Brake Technologies Corp. 1.9 Equity Characteristics MetLife Inc. 1.8 Russell T-Mobile US Inc. 1.6 1000 Value Raymond James Financial Inc. 1.6 Windsor Index Charles Schwab Corp. 1.6 Number of stocks 126 842 Cognizant Technology Solutions Corp. 1.6 Median market cap $44.8 Billion $74.6 Billion Raytheon Technologies Corp.
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